The Australian Financial Review report on moves to keep Australian regulation of forex brokers very limited indeed.

Foreign exchange trading has become an online cowboy country, and Australia is among the wildest frontiers.

That is because Australia does not impose limits on client leverage or on the use of client funds, the issue the new laws are seeking to address.

A law that demands client funds deposited with brokers be quarantined from other activities is commonplace around the world and serves to ensure the funds aren't used inappropriately.

It says such a policy (quarantining client funds) is a 'no brainer'.

Indeed it is.

But there is a lobby group here in Australia that doesn't want such limits imposed. And, it means that Australia has "become a desired home for online forex bucket shops". Yes, yes it has. Such bucket shops "were selling the virtues of Australian regulation to customers while taking advantage of its laxity"

The article is here, it appears ungated: Turnbull government should not be swayed by online forex cowboys